Raleigh-based drone technology provider PrecisionHawk today announced a $32 million investment from a variety of investors, including Millennium Technology Value Partners, Third Point Ventures, Eastward Capital Partners, and others.
The company plans to use the financing to further market expansion and jumpstart sales initiatives. PrecisionHawk will also use the investment to continue its development of the company’s software tool, PrecisionAnalytics. The tool uses machine learning to help PrecisionHawk’s clients better utilize the data collected by drones to solve business challenges.
“Our goal at PrecisionHawk is to provide customers with the most comprehensive suite of innovative drone services and analytics solutions,” CEO Michael Chasen tells Hypepotamus. “This funding will allow us to build on PrecisionHawk’s comprehensive strategy to strengthen its ability to deliver into the energy and agriculture markets.”
PrecisionHawk helps companies use drone hardware, software and services to address critical business-related problems effectively. These drones can help inspect and manage valuable business assets that include everything from inventory to telecommunications towers, electricity distribution lines and even crops.
“By incorporating drones, sensors, data analysis, and reporting into an end-to-end solution, we use technology to deliver actionable insights to our customers,” says Chasen. “Ultimately, this funding provides the ability to continue the education, innovation and partnerships that are required to foster the adoption of commercial drones.”
He adds that, in addition to enabling AI and machine learning capabilities, the new funds will allow PrecisionHawk to heighten its focus on high-quality drone services and the development of PrecisionAnalytics, an AI-based aerial mapping platform.
The company first helps companies define their objectives by consulting their subject matter experts. PrecisionHawk then collects data via the turnkey flight software PrecisionFlight, and processes it via PrecisionAnalytics.
“With PrecisionAnalytics, you can apply the latest generation of machine learning to your data to identify issues and surface trends across your assets over time,” Chasen adds.
PrecisionHawk is well positioned to take advantage of the rapidly growing commercial drone industry. In fact, the FAA forecasts that more than 800,000 drones could be flying by 2023, tripling the current number.
In a statement, Sam Schwerin, co-founder and managing partner of Millennium Technology Value Partners, highlighted PrecisionHawk’s growth potential. “The feedback from customers has been very promising and we believe PrecisionHawk is well positioned to capitalize on the huge market opportunity ahead of it,” said Schwerin.
Following a $75 million Series D round in January 2018 designed to attract strategic investors, the company acquired a pair of drone pilot startups, Droners.io and AirVid, expanding its pilot network to reach single-use clients. PrecisionHawk then acquired Virginia-based drone technology company HAZON, along with California software and data analysis company InspecTools the following September.
Now, says Chasen, after the launch of PrecisionAnalytics this past April, PrecisionHawk is dedicating itself to developing and perfecting its products.
“This is an exciting time for PrecisionHawk,” he says, “because we have an opportunity to focus for the next few years on building software that not just meets customer needs today, but is architected, designed and implemented in a way that meets the needs of our customers in the future.”